Posted: Mar, 04, 2022 12:05PM ET • 2 min read

Someone on their cellphone with "Payment Successful" text over the phone

In Canada, more than 70% of payments are completed with a credit card, and the use of debit and mobile pay continues to rise. Canada has one of the highest rates of card-based payments in the world. Why? The simple answer is convenience—for both end-users and merchants. Cashless payments have been rising for quite some time now, and the global pandemic has undoubtedly accelerated this.

There are many reasons why accepting cashless payment methods at your paid parking facility is beneficial. Here are eight of those benefits:

1. Accept more currencies: cashless technology can convert currencies on your behalf.

Improve customer convenience: with a quick tap of a credit card or a few inputs on a mobile device, end-users find cashless payment options a convenient way to pay for parking as they eliminate or minimize interactions with a pay station speeding up the payment process.
Serve more customers: offering more choices for your customers means more sales potential for you.
Offer an accessible experience: as they reduce or eliminate the need for cash handling, cashless payment options meet Canadian accessibility standards as they allow technology to manage the transaction.
Ensure secure revenue processing: by removing the need to collect and process cash, you eliminate the risk of financial shrinkage (and as a bonus, you eliminate the costs and risks associated with cash handling).
Deploy accurate financial reconciliations: electronic payments make financial reporting and reconciliation easier to keep track of.
Collect data: electronic payment methods provide customer data providing you with customer insights that can be used to improve your overall parking experience.
Increase parking revenue: the various benefits associated with cashless payment methods work together to increase revenue while eliminating costs associated with time and labour.

Across all markets, cash appears to be in a losing battle with electronic payment methods—and parking is no exception. As a result, it's a smart idea for your organization to begin accepting or fully transitioning to technology that can accept and manage cashless payment solutions.

References

Canadians poised to go cashless. Visa. Retrieved December 9, 2021, from https://www.visa.ca/en_CA/visa-everywhere/innovation/canadians-poised-to-go-cashless.html.

Canada, E. and S. D. (2021, November 1). The accessibility of electronic payment terminals: a summary. Government of Canada. Retrieved December 9, 2021, from https://www.canada.ca/en/employment-social-development/programs/accessible-canada/reports/2020-accessibility-electronic-payment-terminals-summary.html.

Kenny, B. (n.d.). 10 benefits of using cashless payment technology as an SMB in Canada - nuvei: Payment technology partner. Nuvei. Retrieved December 9, 2021, from https://www.nuveipartner.com/post/10-benefits-of-using-cashless-payment-technology-as-an-smb-in-canada.